Spanish JV to Unload US Hotel portfolio

MADRID, SPAIN-A trio of companies based in Spain has retained Morgan Stanley to dispose of its 18-unit US hotel portfolio as it winds down a five-year joint venture.

The 4,104-room portfolio includes two Clarion hotels, 13 Four Points by Sheraton hotels, one Sheraton hotel and two Radisson hotels. The properties are located in major cities, including Boston, Chicago, Denver, Detroit, Los Angeles, Phoenix, Pittsburgh, San Francisco, Washington, D.C., as well as several major northern New Jersey suburbs.

The joint venture ownership group consists of: Grubarges Inversión Hotelera SL, a Madrid-based joint venture between Grucycsa, a division of FCC, one of Spain’s largest construction companies; Barceló, an international travel and hotel company headquartered in Palma de Mallorca, Spain; and BBVA, Spain’s second largest bank.